Vietnam'S Textile Industry Is In Trouble And Overseas Orders Are Reduced By 70%.

 

Vietnam's textile industry will face a sudden loss of orders, which may cause disastrous losses to many garment manufacturers. Vietnam's manufacturers are taking measures to control costs in the cold winter. Vietnam clothing giant Vinatex has more than 200 factories, with up to 100 thousand workers in the group, but orders from abroad are decreasing. The group is planning to leave at most 50000 workers.

 

Vietnam's Ministry of industry and trade data showed that orders for Vietnamese textiles and footwear in April 2020 and May will drop by about 70% compared to the same period last year. Even with the global epidemic eased at the end of May, Vinatex will still lose 1 trillion dong dong (about 42 million 400 thousand US dollars), which is 2 times the net profit of 510 billion Vietnamese shield in 2019.

 

Vinatex CEO said: according to the current situation, by May there will be 30-50% jobs disappear. Vietnam's textile industry is an important part of its export market, accounting for about 10% of its total exports in 2019. If the textile industry is affected, then Vietnam's export market will also be hit hard.

 

Vietnam's export activities under the epidemic are facing numerous difficulties, according to Yue Tong news agency. According to statistics, the total export volume of Vietnam in the first quarter of 2020 amounted to US $59 billion 80 million, an increase of 0.55% over the same period last year, with an import volume of US $56 billion 260 million, down 1.9% from the same period last year, achieving a trade surplus of US $2 billion 800 million.